The boards of easyJet and Apollo Global Management have reached agreement on the terms and conditions of the recommended cash acquisition of the budget airline’s ordinary share capital.
The takeover, at the price of £7.15 a share, was agreed on August 6 and values the budget airline at £5.7 billion.
As an alternative to selling their holdings, eligible shareholders have the option of rolling it into the new company.
Sir Stelios Haji-Ioannou founded easyJet in 1995. He and his family will retain a minority holding of 15.3% in the new company, Eagle Bidco Ltd, which is based in Jersey and is indirectly owned by investment funds managed by affiliates of Apollo Capital Management.
Chris Jones, Director for Industrial Relations and Employment Policy at the British Airline Pilots’ Association (BALPA) commented: “As the recognised trade union for airline pilots at easyJet, BALPA will ensure our members’ priorities and concerns are heard during the takeover process and beyond.”
